Michigan personal property tax returns

1. Small Taxpayer Exemption: Businesses with personal property valued at less than $80,000 are exempt from property tax. Rather than filing a property tax return, qualifying businesses must file an exemption form (Form 5076) with the local assessor’s office by February 10, 2016.
2. Manufacturing Exemption: Businesses with more than 50% of the original cost of all personal property on site used for Industrial Processing is exempt from property tax on certain property, depending on when the property is placed in service (see attached brochure). To claim this exemption, businesses must file Form 5278 with the local tax assessor’s office by February 20, 2016. Note that parcels with less than 50% industrial processing is still reported on Form L-4175.
3. Establishment of “Essential Service Assessment” (“ESA”): Michigan taxpayers with exempt property will be subject to a new ESA tax. Affected taxpayers must register with Michigan Treasury Online (MTO) and make payments online.

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